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British motorcycle manufacturer Norton and two related businesses of CEO Stuart Garner have been placed under administration after struggling to cover £300,000 in unpaid taxes.
The grim situation leaves the jobs of about 100 workers at the company’s Castle Donington factory in Leicestershire and the brand’s future in doubt.
The accounting firm BDO took over control of Norton last night as well as two other of Garner’s businesses, Donington Hall Estates and the Priest House Hotel.
In a statement published in British newspapers, BDO partner Lee Causer said, “Our job is to determine and execute the most appropriate strategy as swiftly as possible to protect creditors’ interests, bearing in mind the need to minimize distress for all parties.
“We are currently assessing the position of each of the companies in order to conclude upon the options available to them and the most appropriate way forward.”
Norton was founded in Birmingham in 1898. Garner, a bike-lover and entrepreneur, bought the brand in 2008 and set about to restore its past glory.
Here in the U.S., Norton had trouble lining up dealers and experienced problems with delivering bikes. The company’s website currently shows only three dealers in the entire country and only six in all of England.
(Photos courtesy of Norton)
